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CA/13513/2010 3/ 3 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
CIVIL
APPLICATION No.13513 of 2010
In
SPECIAL
CIVIL APPLICATION No.20962 of 2006
===================================================
UNIMARK
REMEDIES LIMITED - Petitioner(s)
Versus
GUJ.INDUSTRIAL
INVESTMENT CORPN. LTD & 5-Respondent(s)
===================================================
Appearance
:
MR SN SOPARKAR, SENIOR COUNSEL, with MR
ZUBIN F BHARDA for Petitioner(s) : 1,
MR RD DAVE for Respondent(s)
: 1 - 3.
MR SB VAKIL, SENIOR COUNSEL with MR AK CLERK for
Respondent(s) : 4,
MR MITUL R DESAI for Respondent(s) : 5,
MR
MK VAKHARIA for Respondent(s) :
6,
===================================================
CORAM
:
HONOURABLE
MR.JUSTICE D.A.MEHTA
Date
: 25/11/2010
ORAL
ORDER
This
application has been preferred with the following prayers:
“A. This
Honourable Court be pleased to admit and allow this Civil
Application by reviewing the order dated 1/11/2007 passed in Special
Civil Application No.20962 of 2006 accepting the recommendation of
the Sale Committee of accepting the offer of Rs.17,05,00,000/- made
by the applicant who was the highest bidder for purchase of the
assets of M/s. Jaiswal Pharmachem Limited and further directing the
aforesaid amount to be deposited in a Escrow account in IDBI Bank at
Ahmedabad and in turn be pleased to set aside the recommendation of
the Sale Committee made
vide report dated 23/10/2007 and further direct the IDBI Bank,
Ahmedabad, to release the amount of Rs.17,05,00,000/- lying in an
Escrow account with its Ahmedabad Branch along with the interest
accrued on the same, in the interest of justice.”
Heard
learned senior advocate appearing for the applicant. It was
submitted that the only reason this application has been filed is
for the purposes of taking care of the apprehension which the
applicant is having in relation to the outcome of the Civil
Application No.9630 of 2008, which is pending as of today.
As
can be seen from the order dated 01.11.2007 made by the Court in
Special Civil Application No.20962 of 2006 the said order has been
made during pendency of the petition and admittedly as of today the
main petition is pending. In the circumstances, considering that
both the main petition preferred by one of the lenders and the Civil
Application preferred by the present applicant are pending, it is
not necessary for the court to pass any order.
One
of the opponents appearing on advance copy has raised a preliminary
objection as to the application being barred by limitation. It is
not necessary to go into the said aspect of the matter.
Even
otherwise in absence of any of the parameters for review being
satisfied the application is misconceived and is accordingly
rejected.
Sd/-
[D. A.
MEHTA, J]
***
Bhavesh*
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